Efron, who can now be seen in the blockbuster "High School Musical 3," previously starred in two "HSM" television films and the movie musical "Hairspray."
If talks go well, the actor will be paid a mid-seven figure salary for the "Footloose" job and get script approval, the entertainment industry trade newspaper said.
The 1984 version of "Footloose" was a dance-themed movie, but not a musical. Still, it made songs like "Let's Hear It for the Boy," "Almost Paradise" and "Holding Out for a Hero" huge hits and are now widely considered 1980s classics.
The musical remake of "Footloose" is expected to feature some of those favorite tunes, along with new songs, Variety.com said.
Craig Zadan and Neil Meron, producers of the movie musicals "Chicago" and "Hairspray," reportedly have signed on to produce the remake of "Footloose." Zadan also was a producer on the original "Footloose" film.
"HSM" director Kenny Ortega is expected to direct the new version, Variety.com said.